From May 2004, ten countries will accede to the European Union: Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. The current European Union is already the biggest single market in the world. In its enlarged state, it will draw over 19% of world trade and will represent around 46 – 50% of world outward FDI and 20 - 24% of inward FDI.